"The social system of private property and limited government is the only system that tends to debarbarize all those who have the innate capacity to acquire personal culture."
~Ludwig von Mises

Nov 22, 2007

Kevin Duffy on the information age

The world is still in the early stages of a third economic wave - the transition from an industrial to an information-based economy. Innovators tend to lead, whereas imitators tend to lag such waves. As the world's best imitators, the Japanese capitalized on the ending of the industrial age. As the world's best innovators, Americans should be the main beneficiaries of the beginning of the information age.

By the end of this century, the question may not be "Will the U.S. be No. 1?" but "Will Japan still be No. 2?"